10 Tips for Successful Pitching
Most of us hate it, but we often have to go through it at least once in our startup lifetime: PITCHING! But as the saying goes: if you didn’t get dirty, you didn’t play! Here are some tips that can help you hit a home run.
1. The project and the team
There are only two parts to a pitch: the project and the team! You need to get both right to convince an investor. It is important to know that the team often has more than 50% weight in the decision-making.
2. Get your team right
Be clear on your team’s skill set, experience and capacity. Fill in the blanks via your mentors, advisors or your board! Looking for an Asian investor? Talk about your past success cases. Looking for a US-based investor? Recognize your failures and what you learned from them.
3. Explain the problem
Don’t only focus on your project — explain your mission and values through a story. Investors need to know what the problem is you are solving and why. It’s not your love for your product that counts — it’s the love of the potential thousands of consumers for your product that will matter!
4. Seeing is believing
A photo or demo can speak more than a thousand words. Or a customer testimonial. You don’t have your MVP yet? Focus on the nitty-gritty, but don’t get lost in the details! Keep it simple and impactful.
5. Traction & Milestones
Have your hockey stick chart ready! If you do not have proof of concept yet, at least show that you know exactly where you are going — and be ambitious!
6. What’s your competitive advantage?
Breakthrough technology (you’d better have it protected) or network/scale? Be clear about how/where you are going to be superior, as well as how similar elements compare with competitors in order to successfully stand up against other players!
7. Present a clear monetisation model
The more details the better — you can always pivot further down the line. Don’t say “There are plenty of ways to monetize” and list advertising, selling big data, and subscription services. To an investor, this says “I have no clue how to monetise my product and have not even thought about it!”
8. Inspire trust
Be honest. You don’t know everything and it is OK not to know everything. But don’t make things up! Get back to the investor and show that you are reliable and able to follow up.
9. Practice
Practice. Practice. Practice. Every day, everywhere, to your team and to people that know nothing about what you do. One more time: Practice. Practice. Practice.
10. Questions
Prepare for questions and know how to deal with tough ones! Never start by answering an investor’s question with “good question”. Instead, take a deep breath, and answer with stats and numbers, where applicable. Show your confidence and direct the conversation to the key points you want to highlight. Don’t be defensive — feedback is a gift! Put each and every single ounce of energy you have into your pitch. Remember, investors invest in people.
Stay connected with WHub, let us lead you to Startup Stardom!
